Oil steadies but supply glut continues to overhang the market

Jun 17

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Oil steady close to multi-month lows weekday as provide glut considerations continued to overhang the market.

U.S. crude was up thirteen cents, or 0.30%, at $43.64 at 08:00 ET. brant supplemental thirteen cents, or 0.28%, to $46.15.
Oil remained besieged despite compliance levels with united provide cuts remaining high.
OPEC and non-OPEC producers have united to curb output by one.8 million barrels every day.
The accord was extended in might for an extra 9 months to March of next year.
Inventories stay high despite the cuts.
The yank oil Institute Tues reported a bigger-than-expected fall U.S. crude stocks of two.72 million barrels within the latest week.
The Energy data Administration is thanks to unleash official inventories later within the session.
The EIA is predicted to report a fall in U.S. crude oil stocks of 1.1 million barrels.